Federal Reserve Chair Jerome Powell announced that interest rates might be cut as early as September if the U.S. economy follows its expected path, signaling the end of a two-year effort against inflation. The Fed held its benchmark interest rate steady but softened its stance on inflation, indicating a potential shift in policy. Powell emphasized that easing price pressures could justify a rate cut, aligning with economic data and not political considerations. While some Fed members considered a rate cut during the latest meeting, the consensus was to wait for more data.
Category
🗞
NewsTranscript
00:00It's Benzinga, and here's what's on the block.
00:02Federal Reserve Chair Jerome Powell announced that interest rates might be cut as early
00:06as September if the U.S. economy follows its expected path, signaling the end of a two-year
00:11effort against inflation.
00:13The Fed held its benchmark interest rate steady but softened its stance on inflation, indicating
00:18a potential shift in policy.
00:20Powell emphasized that easing price pressures could justify a rate cut aligning with economic
00:25data and not political considerations.
00:27While some Fed members considered a rate cut during the latest meeting, the consensus
00:31was to wait for more data.